"Mahmudiye Kaynak Suyu Limited Şirketi" (Mahmudiye), a 100% owned subsidiary of our Company holds some of our drinking water production facilities in Turkey in its asset base. Within our subsidiary structure simplification framework, our Company's Board of Directors resolved that Mahmudiye to merge with CCI under applicable legislation, with its decision dated 09.11.2021.
The merger transaction will be based on our Company's financial statements as of 30.09.2021. Since our Company currently owns 100% of Mahmudiye, there will be no capital increase. A formal application has been made to the Capital Markets Board (CMB) for the approval of the announcement text.